In an attempt to boost new projects between now and the end of the year, the Government will give $25,000 grants to owner-occupiers for certain works on their homes.
1. The scheme will give $25,000 grants to eligible homeowners, but recipients will need to spend at least $150,000 of their own money.
2. New builds will be capped at $750,000, while renovations can cost anywhere between $150,000 and $750,000, but will only be subsidised if the house being altered is valued at less than $1.5 million.
3. The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders.
4. They include requiring that all eligible builders be licensed or registered before the Government's announcement, keeping the timeframe for the scheme to six months, and having tighter eligibility for the program.
5. But eligibility for the Government's program, which it has dubbed "HomeBuilder", will be restricted to substantial renovations and the construction of new homes, with recipients required to spend at least $150,000 before being eligible.
6. The grants will be means-tested to exclude couples making more than $200,000 per year and individuals making more than $125,000 per year, while limits will also be placed on the value of the property the grants go towards.
7. The grant cannot be used for additions to the property that are not connected to the home, such as swimming pools, tennis courts, outdoor spas and saunas, sheds or garages.
8. The grant will be offered for contracts entered into between 4 June 2020 and 31 December 2020. Construction must be contracted to begin within three months of the contract date to be eligible. If you have any concerns please call us on 0423 262 188 for free advice.